August 7, 2009

Beds: 2
Baths: 1
Sq. Ft.: –
Lot Size: 0.97 Acres
Property Type: Detached Single Family
Style: Cabin
Stories: 2
View: Green Belt, Mountains, Canyon
Year Built: 1978
Community: Felton
County: Santa Cruz
MLS#: 80936268
Source: MLSListings
Status: Active
On Redfin: 5 days
Talk of the town! Absolutely adorable Log Cabin Home in the Forest Lakes community. Custom built as a vacation home for a San Francisco family. Attention to detail and quality construction make it feel almost new yet a blast from the past. Looks and feels authentic with a warm feeling like no other. Enjoy the two large decks and live with nature. End of the road access to the best hiking and biking

It’s Friday! Let’s kick it off with an entry from Burbed reader Ruth.

I actually had to look up where San Lorenzo Valley was. Wow, talk about a vacation home. Just look at that picture.

But let’s talk about the fact that this house is the talk of town. What town exactly is it that people are talking about this? San Lorenzo Valley? San Francisco? And under what context would people be talking about it? So many questions! So few answers!

Santa Cruz County is the fourth most expensive place in the nation to buy a home after San Francisco, New York and San Jose, according to Paycheck to Paycheck, a study released Thursday by the Center for Housing Policy, a nonprofit research organization based in Washington, D.C. The county also was found to be the third most expensive place in the U.S. to rent after San Francisco and Honolulu.

Locally, the median price of a single-family home plummeted from $630,000 in 2007 to $400,000 in 2008, but homeownership is still out of reach for households with income under $130,000, according to the center’s calculations. Meanwhile, a two-bedroom rental cost $1,590 a month on average.

* MLS#: 80850169
Great opportunity to own a piece of Scotts Valley! Home details are from last MLS listing. Home was left in the middle of major recontruction. Fixer upper or tear down. No kitchen, only one bath. Please view with caution. Unsafe deck. The information is provided by others and has not been verified by CENTURY 21 Alpha, seller or listing agent. Not a short sale!

Burbed doesn’t usually venture to Scotts Valley, but fortunately Burbed reader Scott (no relation) did and this is what he found!

Wowsers. Talk about affordable. And its just a short commute on beautiful 17.

The fact that this is half finished is what makes this an amazing deal. Look at some of the work that has been done already:

If that’s not an awesome design I don’t know what is. After a long day of work you can come home, soak in the bathtub, and admire nature all at the same time. Wowsers. And if you have to go potty, it’s right next to it!

This house is just waiting for you to complete the masterpiece. Quick! How will you complete this:

Wow. I think the boundaries between space and time are collapsing here. Hey, that means you can build an unpermitted addition into the 4th or 5th dimension!

Santa Cruz County was among a number of greater San Francisco Bay Area counties that saw more U.S. residents staying put last year than any time since 2001.

For an explanation, observers say look no further than slumping home sales and slipping economic opportunity.

“For people to leave the most desirable areas, there has to be motivation to go, like jobs and housing,” said Jim Chubb, a loan broker at Pacific Inland Finance in Soquel. “With the economy shrinking, that hasn’t happened.”

<snip>

In Santa Cruz County, the number of U.S. residents moving out between July 2006 and July 2007 is still greater than the number moving in, by 1,977, according to the census report. But that’s just two thirds of how many left the year before and half of how many left the year before that.

Congrats! Santa Cruz is saved! Because people can’t leave as fast anymore! Hah! It’s probably the Mystery Spot that keeps pulling them back in!

The median sales price for a single-family home in Santa Cruz County rebounded to $682,500 in February, up from $599,000 in January.

The median is the mid-spending point of what sold, and in February, typically a slow month, 70 homes sold. That’s the fewest number of February sales in 11 years, according to Gary Gangnes of Real Options Realty, who attributes the uptick from January to the change in the mix of sales.

Properties under $500,000 accounted for 19 percent of sales in February, down from 33 percent in January while the high end of the market sprang back into action.

Properties selling for more than $1 million accounted for 24 percent of the sales in February, up from 14 percent in January.

And if those homes sold for those prices, just imagine how much the house you buy in Santa Cruz will sell for tomorrow. It’s called leverage and OPM (Other People’s Money). A $500k loan could be worth $2.4 million tomorrow

January 5, 2008

Alan Nevin, economist for the California Building Industry Association, said his statewide prediction for smaller homes and lower prices might come true in San Luis Obispo but not in Santa Cruz.

“The problem in Santa Cruz is supply,” said Jeff Becker of DMB Associates in Hollister and association chairman. “You’re not going to see smaller homes there at lower prices. Builders can build larger and always have a buyer.”

Thanks to Burbed reader Scott for sending this in.

Personally, there was never a doubt in my mind that Santa Cruz would buck the housing woes trend. After all, it’s got the Mystery Spot and the world famous beaches – foreigners of all stripes with their powerful currencies are flocking here to buy up second homes and villas to retire to.

Congrats Santa Cruz on these great prognostications from those in the RE business!

Say a buyer wants a condo priced at $500,000 and plans to put 10 percent down. That’s $50,000 out of pocket. The closing costs, which include loan fees, interest, taxes, title insurance, appraisal and recording fees, may run another $7,000.

If the seller dropped the price by $7,000 to $493,000, the buyer would save only $700, having to come up with a down payment of $49,300. Plus $7,000 in closing costs.

“It’s a way to help buyers get in when they’re short of cash,” Gangnes said.

Well that does seem a little fishy… Scott explains why:

No mention about property tax or the mortgage amount for that matter. We’re also taught that months of supply is the only factor determining price. I’ve told this Jondi Gumz reporter to stop using Realtor Gary Gangnes as her “authoritative” source of info, but it’s ovbioujsly to no avail.

So I guess it’s a great time to buy in Santa Cruz, with prices at a record high then it’s really, really good for the buyer!

Oh come on Scott- don’t you know? It’s always a good time to buy or sell real estate!

June 27, 2006

MLSlistings Property Detail for MLS number 634105
23975 GLENWOOD DR
Los Gatos, CA 95033
$350,000
CONTRACTORS SPECIAL
Nice home with a view, bright and sunny 14 minutes to downtown Los Gatos, 17 minutes to Santa Cruz, (GoogleMap) Home appears to be intact and in good condition. Landslide on lower part of property. Large retaining walls needed. Good opportunity for contractor or investor that has experience with retaining walls and Santa Cruz county. The extent of the slide needs to be determined. Sellers want to move on with their lives and are willing to take a loss. Before landslide, home was valued at $750K. Lenders will not lend on this property now. Best cash offer gets it. No contingencies, close escrow in 10 days or less. Offers reviewed on June 26 at 5PM. Home is vacant. Come out and take a look but be careful. Enter property at your own risk. Realtor’s keysafe is at property to enter the home. Listing agent can show. DIRECTIONS TO THE PROPERTY From downtown Los Gatos take Hwy 17 south. Go approx 1.5 mile past Summit Rd and exit Hwy 17 at Glenwood Dr. home is abut 3/4 mile, the third h

This Single Family Residence has the following features:
MLS#: 634105 Approx Age: 31 Years Approx Sq Ft: 1661
Detached Single Family 2 Stories 3 Bedrooms

You can’t get a loan for this, you can’t go there without getting killed… but it is the cheapest house in Silicon Valley. Buy it today!

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